FXStreet (Mumbai) - USD/JPY continues to trade in a side-ways manner over the past few hours, unable to find a clear direction in absence of limited economic data lined up for release later today. USD/JPY recovers from a brief dip to 121.57 Currently, the USD/JPY pair trades 0.24% higher at 121.75, easing-off fresh highs posted at 121.82 last minutes. The USD bulls ignored the negative performances on the global equities and jumped back on the bids mainly correcting the previous heavy losses, and hence, underpin the recovery in the USD/JPY pair. The US dollar index advances 0.21% to 97.54 levels. Although, the downside in the yen remains cushioned amid wide-spread risk-aversion while the JPY bulls continue to cheer upbeat Japanese economic news. Looking ahead, markets now await a fresh set of US economic data due later today after an almost light trading week so far. USD/JPY Technical levels to watch The prices turn lower and find the immediate support placed at 121.24 (100-DMA) below which 121.10/07 (50-WMA/ Dec 9 Low) would be tested. To the top-side, the immediate resistance is now placed at 50 & 200-DMA confluence at 121.90. A break above the last, the major could test 122.41 (1h 50-SMA). For more information, read our latest forex news.